DCHFA funds first development project of FY 2017 in Deanwood
The District of Columbia Housing Finance Agency has issued $6.10 million in long term and $10.73 million in short term DCHFA tax exempt obligations to build Deanwood Hills Apartments, 5201 Hayes Street Northeast in Ward 7’s Deanwood neighborhood.
“DCHFA enters the new fiscal year continuing to expand our affordable housing financing footprint in Ward 7," said DCHFA’s Executive Director Todd A. Lee. "This project is the first of several that we anticipate partnering with developers and financial institutions to fund in FY 2017 throughout the City.”
Deanwood Hills LLC, a joint venture partnership between Pennrose Properties, LLC and The Warrenton Group, is the developer of this $34.9 million project.
Deanwood Hills’ financing also consists of $14.16 million for low income housing tax credit equity, $9.50 million loan from DC Office of the Deputy Mayor for Planning and Economic Development New Communities Initiative, a $2 million loan from the District of Columbia Housing Authority, and a Citi Community Capital loan of $1.50 million. DCHFA also provided a $1 million McKinney Act loan for predevelopment that was repaid at closing by Deanwood Hills LLC.
The development’s four story building with 150 residential units will be constructed on a 2.1 acre site. Forty of the units will be set aside for households earning up to 30 percent of area median income and 10 units will be set aside for households earning up to 60 percent of the area median income. The remaining 100 units will be affordable to households earning up to 60 percent of area median income.
The development will contain studio, one-, two-, three- and four-bedroom apartment homes. Residents will have access to the community room that will include a cyber cafe, fitness room, three private courtyards, a bike storage room and a tot lot. Seventy-five free parking spaces will be assigned on a first requested basis to residents.
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